It is inscribed IBEW and EFCOR (ELECTRICAL FITTINGS CORPORATION). (I know what IBEW is but I am not sure what the fitting is)
A bonding strap for bus bars?
What is the material?
That was my best guess as well. The material is steel that's all I know, it's magnetic, 3" long and drilled holes slightly over 1/4". I only got a picture from a fellow blacksmith who has a pile of them. In the pic it looks to be plated.
Somewhere I have a old EFCOR catalog, wish knew where it was, might have a chance of solving the mystery.....